Automation that speeds up transaction time to provide a strategic advantage

JF Asset Management has officially adopted SWIFTNet Funds, from SWIFT, the industry-owned co-operative supplying secure, standardised messaging services and interface software. This new implementation which automates back-office funds transaction processing for certain number of distributors, promises to provide a strategic advantage, shortening transaction time as well as improving operational scalability and service for JF Asset Management, one of Asia's leading investment houses.

The SWIFTNet Funds implementation will potentially support more JF Asset Management distributors across the Asia region, which provide financial planning and asset management services. It also caters for both local and cross border fund distribution flows and is based on a set of UNIFI (ISO 20022) standards.

"Financial institutions, such as JF Asset Management, have much to gain through funds automation and other straight through processing enablers which can reduce the complexity, cost and risk associated with processing domestic and cross-border trades," said Eric Chua, Regional Head, Investment Funds Solutions, SWIFT. "SWIFTNet Funds can also enable JF Asset Management to scale their business with confidence to realize growth potential while reducing the risk of errors through re-keying or other manual intervention." Chua added.

"As our funds trading operations continue their rapid growth, we need a reliable messaging mechanism to transport information to/from our distributors and in turn to our customers. SWIFTNet Funds gives us speed and certainty of delivery," said Eddie Fong, Head of Operations Asia ex Japan, JF Asset Management. "These greater efficiencies will enable us to improve our quality of service, thereby boosting our competitiveness," Fong added.

As volumes rise further with changes to QDII and other mainland China market liberalization measures, pressures on back office capacity and capability will increase.

Even in an advanced international financial centre such as Hong Kong, many back office operations are facing a bottleneck if they don't automate funds transactions. While fund distributors have made significant strides in using technology to market funds, and for payments, the back-end infrastructure is commonly lacking, resulting in expensive and error-prone manual processes.

Research by Deloitte on funds processing in two key European markets found that more efficient process flows could create a potential 30 percent reduction in funds transaction costs valued at US$440 million. It also found that automated funds transaction tasks could be performed with as much as 80 percent fewer staff, freeing them to work on new services or focus on quality enhancement.

SWIFTNet Funds automates the process of funds trading by standardizing and automating business flows such as: account opening and maintenance, orders, statuses, cancellations and confirmations of orders, transfers, statements (of holdings and transactions), reporting on price, cash flow, commissions, prospectus static data. SWIFTNet Funds helps achieve automated straight through processing (STP) for funds transactions.

~ENDS~

Note to Editors:
JF Asset Management ("JFAM") forms a key part of JPMorgan Asset Management Holdings Inc. and is the descriptive name used for our asset management businesses in Asia ex-Japan. The brand name "JPMorgan Asset Management" covers the asset management activities of JPMorgan Chase & Co. globally.

JPMorgan Asset Management is part of J.P. Morgan Chase & Co. and is a global asset management leader providing world-class investment solutions to clients. With US$1.2 trillion in assets under management (the Asset Management client funds of JPMorgan Chase & Co. as at 31 December 2007) and offices in 40 locations around the world, JPMorgan Asset Management offers global coverage with a strong local market presence, and leadership positions in most asset classes.

Commitment to Hong Kong
JFAM's fund management business has remained headquartered in Hong Kong throughout the past three decades and today has more than 450 employees based in this location. Since its formation, JFAM has established itself as one of the largest local portfolio managers in Hong Kong with over US$68 billion (31 December 2007) of funds managed locally.

As part of a major global investment group, we are committed to providing specialist teams with the resources needed to deliver successful products and performance to our clients. The Hong Kong-based Pacific Regional Group, together with the local presence of the Global Portfolios Group, forms the core of JFAM's investment management operations. In addition to the knowledge and experience of our individual investment professionals, the stability of the team has enabled JFAM to develop strong relationships with local clients.

About SWIFT
SWIFT is the industry-owned co-operative supplying secure, standardized messaging services and interface software to over 8,100 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 80%, and system availability approaches 5x9 reliability — 99.999% of uptime.

For more information about this press release, please refer to our website: www.swift.com

Media Contact:

JF Asset Management
Daniel Chui
Tel: 2800 2874
Email: daniel.wc.chui@jfam.com

Upstream Asia
Jennifer Shay/ Jowie Law
Tel: 2973 0222
Email: Jennifer.shay@upstreamasia.com / jowie.law@upstreamasia.com